\u3000\u3 China Vanke Co.Ltd(000002) 419 Rainbow Digital Commercial Co.Ltd(002419) )
Event: the company issued the 2021 annual report. In 2021, the operating revenue will be 12.27 billion yuan / + 4.0%, and the net profit attributable to the parent company will be 230 million yuan / – 8.4%. Among them, in 2021q4, the operating revenue was 3.07 billion yuan / + 4.1%, and the net profit attributable to the parent company was – 20 million yuan / – 119.4%, mainly due to the implementation of the new leasing standards.
Quarterly, the company’s 2021q1-q4 achieved revenue of 3.37 billion yuan / 2.83 billion yuan / 3 billion yuan / 3.07 billion yuan respectively, with a year-on-year increase of + 12.4% / – 2.3% / + 1.4% / + 4.1% respectively. In terms of business division, in 2021, the revenue of shopping malls / supermarkets / convenience stores was 4.22 billion yuan / 7.51 billion yuan / 290 million yuan respectively, with a year-on-year increase of + 19.8% / – 0.7% / + 3.8% respectively. The sales effect of shopping 100 is remarkable, and the supermarket is flat year-on-year. The company is committed to building a digital shopping mall. In terms of marketing, it precipitates private domain traffic through shopping guide connection, community operation, online live broadcast and other ways. By the end of 2021, Tianhong had more than 36 million digital members, 4.26 million app and applet Maus, and nearly 250 million people exchanged and consumed information through app and applet; The supermarket side strengthens the brand building, focuses on developing Tian You Maotai flavor liquor, 3R Kwai Chi, fresh semi finished products, etc., 21 years sales increased by 6% compared to the same period, sales accounted for 9% of supermarkets, and sales of supermarkets reached 15% year-on-year.
In terms of stores, by the end of 2021, the company had settled in 33 cities and operated 102 stores, including 7 franchisees and management outputs; 129 supermarket stores, including 41 independent supermarkets; There are 203 convenience stores, of which there are 108 new ones, sp@ce 12 independent supermarkets and 58 convenience stores, 3 closed shopping malls, 3 supermarkets and 56 convenience stores; There are 6 newly signed purchase projects and 5 independent supermarket projects.
In terms of comparable stores, the annual revenue of 2021 was 10.71 billion yuan / + 0.1%. Among them, shopping malls / supermarkets and comparable stores achieved revenue of 4.02 billion yuan / 6.68 billion yuan respectively, with a year-on-year increase of + 16.6% / – 7.8% respectively. Through upgrading and upgrading key stores, shopper has improved the commodity structure and developed home business, with a good year-on-year performance; Affected by the high base of the epidemic in the same period last year, supermarkets declined year-on-year in 21 years.
The gross profit margin of the company in 2021 is 39.2% / – 3.7pct. Although the company actively grasped major marketing nodes, the gross profit margin of this year fell due to the impact of the decline in the gross profit margin of clothing in retail products on the overall gross profit margin of the company, and the slight month on month decline in the gross profit margin of fresh and cooked food, daily necessities and packaged food. The company’s expense rate during 2021 is 39.0% / – 1.7pct. Among them, 1) sales expense rate is 32.7% / – 4.2pct; 2) Management fee rate: 3.2% / – 0.2pct; 3) R & D expense rate: 0.6% / – 0.1pct; 4) The financial expense ratio is 2.6% / + 2.7pct, which is mainly due to the increase of unrecognized financing expenses in the implementation of the new leasing standards.
Investment suggestion: the company is a multi industry leader dominated by department stores. It continues to further promote offline physical retail towards digitization, experiential and strong supply chain, optimize and upgrade online, develop a new home delivery mode, and Wuxi Online Offline Communication Information Technology Co.Ltd(300959) all channel integrated development. Under the background of the recovery of the epidemic, the revenue and profitability of follow-up supermarkets and shopping malls are expected to gradually improve. Considering the weak macroeconomic growth and the repeated impact of the epidemic, we lowered the net profit forecast for 2022 from the previous 425 million yuan to 266 million yuan, and increased the net profit forecast for 20232024 by 299 / 485 million yuan. It is recommended to pay attention.
Risk tip: the epidemic situation is repeated, the lease of some stores cannot be renewed after expiration, and the expansion speed of new business types and new stores does not meet expectations.
